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Favorable Government Policies to Propel Growth in Offshore Wind Power Market

TechNavio, a tech-focused research firm, has published a report on the global offshore wind power market, which is expected to grow at a compound annual growth rate (CAGR) of 17.5% from 2014-2019. Manufacturers and operators in the market used to find it difficult to finance offshore wind farms due to the high costs involved. Many projects were also delayed owing to inconsistency in regulations, which affected the project financing process. However, the new report emphasizes favorable government policies and higher ROI as key contributors to future market growth.

“Governments worldwide are introducing subsidies and incentives to encourage offshore wind power projects, which is expected to have a positive impact on the market,” said Faisal Ghaus, vice president of TechNavio.

The report also discusses increased financial benefits for investors and manufacturers in the wind turbine market, including feed-in tariff (FiT) policies designed by several governments to encourage investment in technology related to renewable energy generation. “The global offshore wind power market will benefit from this policy, as wind is one of the cheapest sources of renewable energy,” said Ghaus. “An added FiT incentive will bring down the cost of operation of wind power plants.”